NBA To Buy The New Orleans Hornets From Current Owner

The NBA might step in and purchase the New Orleans Hornets until a permanent owner can be found. There is a preference for an owner that would keep the team in New Orleans. George Shinn, the teams’ majority owner, was in negotiations to sell to the teams’ co-owner Gary Chouest, who owns 35% of the team, since last spring.

Gary withdrew his offer to purchase Shinn’s majority share of the franchise on Friday over concerns of a possible lockout next season coupled with the fact he’s unsure he can devote the time needed to run an NBA franchise as its sole owner and operate his private business. It’s not clear if Chouest would keep his percentage of the club if the NBA took over.

His company, a global marine service company Edison Chouest Offshore, was hit hard by the moratorium on deepwater drilling in the Gulf after the BP oil spill.  Shin made the decision to sell the team after he was diagnosed and successfully treated last year for prostate cancer. After that experience, he felt it was time to move on from NBA ownership and instead focus on efforts to combat cancer.

Attendance for Hornets games has been lower than hoped. Despite a 13-6 start, through 10 home games, average attendance has been 13,865. The Hornets have the right to break their lease at the New Orleans Arena after this season if average attendance falls below 14,735 during a two-year period. Their lease is contractually up in 2014.

This is an interesting scenario. Should the NBA step in, it would be the 1st time the league has owned and operated a team. David Stern mentioned the possibility of contraction at the start of the season. Could the Hornets become a victim of that? Or is the idea of the NBA running a franchise a way to figure out a new model for the league and its future development?

No wonder Chris Paul wanted to move on.

source: APNews

Jill Munroe

Jill Munroe is a Los Angeles-bred entertainment journalist, producer, and host. Munroe is a current member of the African-American Film Critics Association and the National Association of Black Journalists LA. Follow her socials @StilettoJill or visit JillMunroe.com. Catch her live M-F on KBLA Talk 1580 from 6PM to 7PM.

Share
Published by
Jill Munroe

Recent Posts

Apple TV+ Film ‘Blitz’: Steve McQueen Explores Love and Self-Determination in WWII Drama

Inside Steve McQueen's Vision for Blitz Acclaimed filmmaker Steve McQueen has once again delivered a…

3 months ago

Top 15 Entertainment and Sports Stories of 2024: Usher, Kendrick Lamar, Athlete Podcasts, and More

Top 15 Entertainment and Sports Stories of 2024 As the year ends, we look back…

3 months ago

John Legend and Mike Jackson Talk Rhythm + Flow Season 2: Storytelling, Industry Evolution, and What’s Next

John Legend and Mike Jackson on the Power of Storytelling in Rhythm + Flow Season…

3 months ago

WAGS to Riches: Netflix’s New Reality Hit Brings Real Estate, Drama, and Star Power!

Reality TV lovers, grab your popcorn and champagne—Netflix is serving us WAGS to Riches, a…

3 months ago

Love, Money, and Fame: Professional Athletes Navigating the Dating World

Love, Money, and Fame: Professional Athletes Navigating the Dating World Dating in the world of…

3 months ago

Netflix Streams NFL Christmas Day Games Featuring Mariah Carey & Beyoncé: A Holiday Spectacle Set to Shake Up Sports & Streaming

Netflix’s Christmas Day NFL Takeover: Mariah Carey, Beyoncé, and Two High-Stakes Games Netflix is dreaming…

3 months ago

This website uses cookies.